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Chinese car manufacturer invests in geothermal fuelled methanol production

Chinese car manufacturer invests in geothermal fuelled methanol production Blue Lagoon with Svartsengi plant, Iceland (Picture: Vestman, (c) CC BY 2.0)
Francisco Rojas 13 Jul 2015

Geely will purchase CRI equity over three years and will gain an unspecified amount of ownership in the company, becoming a "major shareholder" of CRI.

Iceland’s Carbon Recycling International Inc will see a influx of cash from Chinese auto giant Geely, since the latter wants to invest in methanol production from renewable sources.

According to China Daily the Chinese automaker “said on July 3 that it plans to invest $45.5 million in Iceland’s Carbon Recycling International Inc. CRI is known as a leading company in producing renewable methanol from carbon dioxide, hydrogen produced by electrolysis of water, and electricity for energy storage, fuel applications and efficiency enhancement.”

Geely will purchase CRI equity over three years and will gain an unspecified amount of ownership in the company, becoming a “major shareholder” of CRI.

CRI’s operations are powered thanks to Svartsengi geothermal station in southwestern Iceland.

Source: China Daily

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